IROC Energy Services Corp. declares dividend
CALGARY, April 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- IROC Energy Services Corp. (TSX: "ISC") announces its Board of Directors has declared a semi-annual cash dividend on its common shares of C$0.03(three cents). The dividend will be payable May 21, 2009 to shareholders of record at the close of business on May 7, 2009.
Tom Alford, President and CEO, said "over the past few months our company has significantly reduced our debt obligations through the strategic dispositions of three divisions. While the total proceeds from these dispositions were approximately $40 million, the dispositions did not significantly reduce our company's profitability or cash flow. Also, we expect to incur only minimal capital costs in the near term given the newer, high quality assets in all our businesses. Management and the Board believe our balance sheet is strong, ongoing cash flows are adequate and that pursuing a business model that includes paying a dividend in addition to funding accretive expansion over time is a prudent course of action. Accordingly, the Board has determined that it is appropriate to initiate a dividend for the benefit of our shareholders at this time."
Publicly reported information for IROC Energy Services Corp. is available at www.sedar.com.
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the WCSB. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in three core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, and Rental Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
Cautionary Statements
Certain statements contained in this press release may constitute forward looking statements concerning, among other things, expected revenues, expected expenses, profits, developments and strategies for IROC's operations all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.
SOURCE IROC Energy Services Corp.
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